23 January 2019
StatPro Group PLC
Year end trading update
StatPro Group plc, (AIM: SOG, “StatPro”, “the Group”), the AIM listed provider of cloud-based portfolio analysis and asset pricing services for the global asset management industry, announces a trading update for the year ended 31 December 2018.
- Group revenue(1) expected to be approximately £54.7 million, up 11% (2017: £49.3 million)
- Group Adjusted EBITDA(2) expected to be approximately £9.0 million, up 32% (2017: £6.8 million) – Adjusted EBITDA(2) margin over 16% (2017: 13.9%)
- Group Annualised Recurring Revenue (“ARR”) increased by 4% to £55.7 million (2017: £53.6 million(3))
- StatPro Revolution ARR increased organically by 17%(4) (2017: 13%)
- ARR renewal rate 92% (2017: 89%)
- Net debt £24.6 million (2017: £20.2 million) – reflects acquisitions and investments in ODDO-BHF, Investor Analytics and Infovest
- As previously announced, Delta will be integrated directly with the Revolution platform, removing any uncertainty for StatPro clients regarding the future of the Delta service
(1) Subject to audit and including impact of IFRS 15 effective from 1 January 2018 and comparative for 2017 has been restated for impact of IFRS 15
(2) Adjusted EBITDA is EBITDA after adjustment for amortisation of acquired intangible assets, acquisition transaction, redundancy and other integration costs, and share based payments
(3) at constant currency
(4) Organic ARR growth relates to Revolution excluding the acquired revenues from Delta, Investor Analytics and ODDO-BHF, and including conversions from Seven
Justin Wheatley, Group CEO, StatPro, commented:
“Sales in Q4 last year were robust, notably achieving a higher organic growth in Revolution ARR. Overall we signed 20 clients in eight different countries for contracts greater than $100k per annum, including seven banner deals in 2018, underscoring the momentum we are building across the industry.
“As we have stated before, we are focused on improving our margins and have delivered a significant increase in adjusted EBITDA margin in 2018 – this remains a focus for the current year.
“Following a period of investment in cloud technology, the rapid changes in the asset management industry and our deepening relationships with asset management service providers, we are strategically well placed for growth.”
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 (MAR).
|StatPro Group plc|
|Justin Wheatley, Chief Executive||+44 (0) 20 8410 9876|
|Andrew Fabian, Finance Director|
|Panmure Gordon – Nomad and Broker|
|Corporate Finance – Freddy Crossley / Fabien Holler||+44 (0) 20 7886 2500|
|Corporate Broking – James Stearns|
|Adrian Duffield / Kay Larsen / Chantal Woolcock||+44 (0) 20 7457 2020|
StatPro Group (www.statpro.com) provides cloud-based portfolio analytics, asset data services and data management tools for the global asset management industry and asset management service providers.
The Group has 10 offices in Europe, North America, South Africa and Australia, servicing around 500 clients in 39 countries. It is organised into three divisions: Revolution, Source: StatPro and Infovest.
Revolution is a global provider of award-winning portfolio analytics solutions. The cloud-based platform offers vital analysis of portfolio performance, attribution, risk and compliance. Revolution helps clients reduce costs, improve client communication and control investment decisions.
Source: StatPro is a global market data business and provides Data-as-a-Service to Revolution to enable analytics. The division’s integrated and global data coverage includes millions of securities covering the full range of financial instruments and benchmarks.
Infovest, supplies data management solutions for the global asset management market, including data warehouse technology, ETL, compliance and reporting tools as well as portfolio management solutions.
StatPro Group plc shares are listed on AIM.